Elgi Equipments share price jumps 20% on bonus issue approval

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Elgi Equipments share price jumped 20 percent intraday on August 14 after the board approved a bonus issue.

The company board of directors considered and recommended the issue of bonus shares in the proportion of one equity share of Re 1 each for every one equity share held by the shareholders as on the record date as may be determined by the board, the company said.

The issue of bonus shares is subject to the approval of the shareholders and regulators as may be required.

At 1506 hours, Elgi Equipments was quoting at Rs 248.60, up Rs 33.80, or 15.74 percent on the BSE.

The share touched its 52-week high Rs 309.60 and 52-week low Rs 102.25 on October 1, 2019 and April 7, 2020, respectively.

Currently, it is trading 19.7 percent below its 52-week high and 143.13 percent above its 52-week low.